Invictus completes $10m Institutional Placement to progress the Cabora Bassa Project

Source: www.gulfoilandgas.com 8/1/2024, Location: Africa

HIGHLIGHTS
• Invictus completes fully subscribed US$10 million strategic Zimbabwean Institutional Placement
• Mutapa Investment Fund of Zimbabwe underwriting US$5 million
• Funds raised and subsequent issue of securities to be spread across two tranches
• Securities issued will facilitate a secondary listing on the Victoria Falls Stock Exchange scheduled for 2 August 2024

Invictus Energy Limited ("Invictus" or "the Company"), is pleased to announce that a US$10 million Institutional Placement (“Placement”) launched on 29 July 2024 and managed by Mangwana Capital (Private) Limited (“Mangwana”) is now fully subscribed.

The Placement is US$5 million underwritten by the Mutapa Investment Fund of Zimbabwe (“Mutapa” & “Sovereign Wealth Fund of Zimbabwe”).

The strategic investment is historic for both Invictus and investors in Zimbabwe, who will now have the ability to hold and trade securities in the Company through a dual listing on the Victoria Falls Stock Exchange (“VFEX”).

As announced to the ASX on 29 July 2024, the investment also firms up a pathway to finalise the Petroleum Production Sharing Agreement (“PPSA”).

The PPSA is designed to ensure fair and equitable sharing of the project's revenue between the Government, Invictus and its partners, fostering a mutually beneficial partnership that supports the project's long-term success Mutapa has underwritten US$5 million of the Placement, demonstrating long-term support for the Cabora Bassa Project on behalf of the Republic of Zimbabwe, as well as a number of other strategic investors committing to the Placement.

Funding through the Placement will assist Invictus progress its near-term exploration and corporate strategies as the Company transitions from explorer to developer.

Placement details
As announced on 29 July 2024 Invictus offered to place US$10 million through the issuance of 151,515,152 shares at a share price of AU$0.10 at an AUD/USD FX rate of US$0.66. Under the Placement, participants will receive an option to subscribe for one share for every four shares subscribed for, exercisable at AUD$0.30 with a two year option period.

Securities issued will facilitate a secondary listing on the VFEX through issuance of Zimbabwe Depository Receipts (ZDRs) to support local liquidity and trading. The official listing is scheduled to occur on Friday 2 August 2024.

The Placement will be carried out in two tranches comprising:
Tranche One will comprise the issue of approximately 98.5 million New Shares to raise US$6.5m, with US$1.5 million placed immediately to be followed by a further US$5 million (as part of Mutapa’s underwriting), expected to be finalised week commencing 12 August 2024.

Tranche Two will comprise an additional approximately 53 million New Shares to raise US$3.5 million on the same terms as Tranche One and subject to shareholder approval to be sought at an Extraordinary General Meeting (“EGM”) in September.

Use of funds
Funds raised from the Placement will be used to advance the Cabora Bassa Project, including:
• Mukuyu-2 flow testing, appraisal drilling and well test design studies
• Reservoir engineering studies and early-stage development concepts
• Progressing early gas-to-power monetisation opportunities for Mukuyu-2
• Conducting 3D seismic survey over Mukuyu Gas Field
• Purchase of long leads for shallow exploration wells targeting the Eastern Margin and Basin Margin plays
• General working capital

Invictus Energy Managing Director Scott Macmillan commented:
“This strategic capital raise and the support we have received from institutional investors, particularly the Mutapa Investment Fund, is testament to the quality of the Cabora Bassa Project.

“These funds will be used progress our dual strategy of early monetisation as well as further development as we look to expand our resource base through further discovery and transition into a development phase.”

“This Placement and associated dual listing of Invictus on the VFEX will also enable greater and ongoing domestic investment in the Company and our project.”


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